Bitcoin Neared $50K: Highest Since May and 51% Monthly (Weekend Watch)

Bitcoin Neared K: Highest Since May and 51% Monthly (Weekend Watch)
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Bitcoin initiated another impressive leg up in the past 24 hours resulting in breaking above $49,000 for the first time since mid-May. The alternative coins have joined the ride with notable gains, including an 8% surge from BNB and 10% increases from Polkadot and Solana.

Bitcoin Neared $50K

It was just two days ago, on August 19th, when the situation in the bitcoin landscape seemed rather negative. The asset had lost several thousand dollars of value in hours and had fallen below $44,000.

However, this is where it all changed as the bulls came to play. A day later, BTC spiked back up by around $3,000, as reported yesterday, and touched $47,000. Although this was an impressive price increase of its own, the cryptocurrency had more to offer.

It kept climbing and reached $48,000. Unlike the past two attempts to overcome this particular level, this time turned out to be a success. Moreover, BTC continued north and even broke above $49,000 to a daily peak of over $49,400 (on Bitstamp). This became its highest price line since the mid-May crash.

As of now, bitcoin still stands at around $49,000. Looking on a more macro scale, this means that BTC is up by about 50% since the start of the month. Its market capitalization is well above $900 billion, and Its dominance over the alts has also recovered slightly after the recent drops.

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BTCUSD. Source: TradingView

Altcoins in Green; BNB 8% Up

The alternative coins see nothing but green today, as well. Interestingly, Ethereum is among the most modest performers, with a 2.5% increase. As a result, ETH trades just shy of $3,300.

Cardano, which spiked to a new all-time high yesterday at $2.58, has remained close to $2.5. Ripple (2.5%) and Dogecoin (3%) have also increased by similar percentages.

Binance Coin, which has been outplaced by ADA as the third-largest cryptocurrency, is 8% up on the day. As a result, BNB tapped a multi-month high of its own at $460.

Solana has charted a new all-time high of approximately $80 after an 11% surge. More impressive gains from the larger-cap alts come from Polkadot (10%), Uniswap (6%), Bitcoin Cash (6%), and Chainlink (8%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Avalanche (25%) is the best performer from the top 100, followed by Telcoin (15%), Bitcoin Gold (15%), Synthetix (15%), Polygon (13%), and ICON (12%).

The crypto market cap is up by about $100 billion to a multi-month record as well at over $2.1 trillion.

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Cryptocurrency charts by TradingView.


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